SuperValu, First Solar: S&P Gainers

These stocks are among the best performers in the S&P 500 on Tuesday.

NEW YORK ( TheStreet) -- The S&P 500 was a sea of red on Tuesday, but SuperValu ( SVU) and First Solar ( FSLR) stood out as the best-performers in the index. The retailer reported earnings upside and an improved outlook, while the alternative energy company bounced off its all-time low share price.

The S&P 500 dropped 23.61 points, or 1.71%, on Tuesday to 1,358.59, as the equities market suffered its worst decline of the year and fifth-losing day in a row.

Shares of SuperValu rose 15.23% Tuesday to $6.13. The food retailer reported on Tuesday a fourth-quarter loss of $424 million, or $2 a share, compared with a year-earlier profit of $95 million, or 44 cents. Excluding one-time items, earnings in the quarter were 38 cents a share, which beat the average analyst estimate of 35 cents.

SuperValu guided to fiscal 2013 earnings of between $1.27 and $1.42 a share, which also beat the consensus analyst estimate of $1.19.

SuperValu has an estimated price-to-earnings ratio for next year of 4.86X; the average for food retailers and wholesalers is 14.38X. For comparison, both Sysco ( SYY) and Whole Foods Market ( WFM) have higher forward P/Es of 14.02X and 30.4X, respectively.

Eleven of the 17 analysts who cover SuperValu rate it a hold. Four analysts give the stock a buy rating and two rate it a buy.